And there, we thought in terms of putting the money and getting the payback, it's a much longer payback period. And the nature of the ore body has to be factored there into account as well.

and there we thought in terms of putting the money and getting the payback it's a much longer payback period and the nature of the old body have to be factored there into account as well


this is kind of a show-me market. We've historically seen either strategics, like other companies come in like Exelon, previously building combined cycles

this is kind of a show me market we've historically seen either strategics like other companies come in like exelon previously building combined cycles


We discussed our key focus for growth which includes increasing sales and profitability of the company-operated retail division.

we discussed our key focus for growth which includes increasing sales and profitability of the company-operated retail division


At the same time, we began to change our website and our marketing. For those of you that have visited our website recently, you will see a marked change. There is much more to come.

at the same time we began to change our website and our marketing for those of you that have visited our website recently you will see a market change there's much more to come


we mentioned the fact that we are making an early payment of part of our debt with a particular institution.


Mike, I want to add to Eric's last point there because I think a part of the challenge that we're facing now is that

mike i want to add to eric's last point there because i think part of the challenge that we're facing now is that


And we would -- it's a lot of it is the -- depends upon a key part of the analysis is what location we put them in.

and we would -- and it's a lot of it is the -- depends upon a key part of the analysis is what location we put them in


negative to limited efficacy results in DMD. And so that might be a case where you want to do something with a gene therapy first

negative to limited efficacy results in dmd and so that might be a case where you want to do something with a gene therapy first


these banks will do income-producing loans but they typically do them on investor properties not owner occupied properties. So

these banks will do income-producing loans but they typically do them on investor properties not owner-occupied properties so


and there were many additional examples of our continued transformation to a cloud software platform systems and services company.


So it doesn't mean that that wouldn't change in the future, but certainly right now the new hires would be coming right into our office here in Raleigh.

so it doesn't mean that that wouldn't change in the future but certainly right now the new hires would be coming right into our office here in raleigh


Our transformation has challenged us to drive new growth while maintaining a healthy and financially sound operating environment.

our transformation has challenged us to drive new growth while maintaining a healthy and financially sound operating environment


This was largely due to higher prices for both paperboard and tissue, offset by lower tissue shipments from the sale of the Ladysmith mill and lower seasonal demand.

this was largely due to higher prices for both paperboard and tissue offset by lower tissue shipments from the sale of the ladysmith mill and lower seasonal demand


Both the Chief Commercial Officer and Chief Human Resources Officer positions are new to our company and reaffirm our commitment to our customers and our employees.

both the chief commercial officer and chief human resources officer positions are new to our company and reaffirm our commitment to our customers and our employees


in the overall global demand, it's not going to have a huge -- now, of course, there will be some adjustments, but we will not see a major surge

in the overall global demand it's not going to have a huge demand of course there will be some adjustment but we will not see a major search


The bridge securitization was used to help fund a speciality finance company acquiring a large U.S. credit card portfolio that was being sold by European bank.

the bridge securitization was used to help fund a specialty finance company acquiring a large u s credit card portfolio that was being sold by a european bank


And we want, need and will participate here as we are convinced also to be able to contribute to the consumer interested in these elements.

and we want need and will participate here as we are convinced also to be able to contribute to the consumer interested in these elements


or is there a change in how you think about capitalizing on that volume growth? Because it seems to me the amount of hydrocarbons hitting Waha and Oasis is going to be

or is there a change in how you think about capitalizing on that volume growth because it seems to me the amount of hydrocarbons hitting waha and oasis is going to be


what is a very clear strategy for trusts to focus predominantly on upper upscale full-service hotels and we look at the depth of the transaction market,

what is a very clear strategy for trust to focus predominantly on upper upscale full-service hotels and we look at the depth of the transaction market


no longer even work for a company is particularly unfriendly to business. The legislation is presently being challenged in the courts and we hope that challenge is successful.

no longer even work for a company is particularly unfriendly to business the legislation is presently being challenged in the courts and we hope that that challenge is successful


Two key tools worth noting are a joint business planning tool, which is an externally facing tool for managing relationships with our key supplier partners

two key tools worth noting are a joint business planning tool which is an externally facing tool for managing relationships with our key supplier partners


putting aside the time frame within which you might be able to generate outcomes data, is it your working expectation that you'll need outcomes data for inclisiran prior to approval?

putting aside the time frame within which you might be able to generate outcomes data is it your working expectation that you'll need outcomes data for inclisiran prior to approval


some of the areas particularly in the capital markets where money flows are just driving behavior, particularly as I've mentioned in my

some of the areas particularly in the capital markets where money flows are just driving a behavior particularly as i've mentioned in my


And we moved our premiere service operation in there with the Hilltop Securities office. So when you look at our markets,

and we moved our premier service operation in there with the hilltop securities office so when you look at our markets


an area where we think we can bring our brands, we can bring our service and product focus and deliver something which is

area where we think we can bring our brands we can bring our service and product focus and deliver something which is


and preparing for full rebranding of Circle K and Couche-Tard. In the CST network, the rebranding this year will focus on markets where both brands are present today.

and preparing for full rebranding to circle k and couche-tard in the cst network the rebranding this year will focus on markets where both brands are present today


And this increase was driven by a higher share of value-added business as well as internal continuous improvements.

and this increase was driven by a higher share of value-added business as well as internal continuous improvements


Perhaps just as important, we were able to stabilize the Clarient volume, which had been on a steady decline over the last 3 years.

perhaps just as important we were able to stabilize the clarient volume which had been on a steady decline over the last 3 years


No questions, some of that has been the move of money out of some of our alternative equity strategies. I'll pass it over to David Morris to handle the second part of your question. So

no question some of that has been the move of money out of some of our alternative equity strategies i'll pass it over to david morris to handle the second part of your question sure so


First of all, I want to send my thanks to our team in British Columbia as they manage through a tough situation caused by the rupture of Enbridge's gas transmission line.

first of all i want to send my thanks to our team in british columbia as they manage through a tough situation caused by the rupture of enbridge's gas transmission line


stays in order to talk to patients who do not necessarily go through the hospital to reach us,


as you know, there are a number of opportunities that may be out there, given the low pricing in ERCOT, we see them to be plentiful, with potential for strong economics.

and as you know there are a number of opportunities that may be out there given the low pricing in ercot we see them to be plentiful with potential for strong economics


We currently expect the majority of this work to be completed in the second half with the potential for some work into early 2019. This project is a

we currently expect the majority of this work to be completed in the second half with the potential for some work into early 2019 this project is a


And a lot of it's going to be based on the success of these trials. So that is the very good question. But we are seeing the momentum, again, us booking more business

and a lot of it's going to be based on the success of these trials so that is a very good question but we are seeing the momentum again us booking more business


On the litigation front, we've made good progress in our efforts to resolve legacy matters. We settled several cases in the quarter, largely within our provisions.

on the litigation front we've made good progress in our efforts to resolve legacy matters we settled several cases in the quarter largely within our provisions


It is worth noting that even with all of these margin improvement initiatives, we are continuing to invest in technology and client success.

it is worth noting that even with all of these margin improvement initiatives we are continuing to invest in technology and client success


What makes us even more compelling is the fact that the learning management system budget and the content budget generally come from 2 different sources,

what makes this even more compelling is the fact that the learning management system budget and the content budget generally come from 2 different sources


One of these was a second acquisition in the state of Michigan, which is very exciting as we continue to expand our footprint further westward.

one of these was a second acquisition in the state of michigan which is very exciting as we continue to expand our footprint further westward


And given the strong and long lengths of these deals, how should we think about financing the deals?

and given the strong spines and long lengths of these deals how should we think about financing the deals


development, disposition or capital markets activity, including potential transactions discussed as part of the company's strategic initiatives

development disposition or capital markets activity including potential transactions discussed as part of the company's strategic initiatives


liver infectious diseases, cardiovascular diseases, and chronic liver diseases while also providing a path to an even wider array of indications.

liver infectious diseases cardiovascular diseases and chronic liver diseases while also providing a path to an even wider array of indications


We've created exceptionally easy ways for them to pay. And what that enables them to do through the long interest-free, it makes the whole store available to the majority of customers,

we've created exceptionally easy ways for them to pay and what that enables them to do through the long interest free it makes the whole store available to the majority of customers


but the movement is there both on the enterprise side and on the platform side. And as that happens, the enterprises move a little faster and the enterprises moves a little faster.

but the movement is there both on the enterprise side and on the platform side and as that happens the enterprises move a little faster and the enterprises move a little faster


as we sit right now. It wouldn't be impacted by these nonrecurring costs. We would have more than 60 billion minutes of use on our network

as we sit right now wouldn't be impacted by these nonrecurring costs we would have more than 60 billion minutes of use on our network


We'll be looking at that more in the next couple of days as we go through some discussions.

we'll be looking at that more in the next couple of days as we go through some discussions


not worse, not substantially better from today, but looking very much like where we are. That's the way we're just internally thinking about it.

not worse not substantially better from today but looking very much like where we are that's the way we're just internally thinking about it


Okay. So you think you're in good shape to be on top of the trends with what you're doing today? Is that the bottom line?

okay so you think you're in good shape to be on top of the trends with what you're doing today is that the bottom line


And our ongoing transformation of UCP into a consistently profitable company delivering improving returns on equity for our shareholders.

and our ongoing transformation of ucp into a consistently profitable company delivering improving returns on equity for our shareholders


Finally, I wanted to provide an update on HOTELiJack. During the second quarter, we successfully completed the transition of installations,

finally i wanted to provide an update on hotelajac during the second quarter we successfully completed the transition of installations


we've reshaped our balance sheet, and as part of that, we have returned capital to shareholders. And as I said in the presentation,

we've reshaped our balance sheet and as part of that we have returned capital to shareholders and as i said in the presentation


But our velocities on full revenue have been slower than some competitive velocities. The reason for that, we believe, is because

but our velocities on full revenue have been slower than some competitive velocities the reason for that we believe is because


On the multifamily front, we currently expect the market to remain relatively flat in the first quarter due to oversaturation in the market and pricing pressure.

on the multifamily front we currently expect the market to remain relatively flat in the first quarter due to oversaturation in the market and pricing pressure


the board determined that the optimal way to maximize shareholder value is to execute a plan to transform our operations


Aligned to our strategy of pivoting to the intelligent edge, we have been making significant investments that have given us a leadership position in this high-growth market opportunity.

aligned to our strategy of pivoting to the intelligent edge we have been making significant investments that have given us a leadership position in this high-growth market opportunity


mortgage spreads have widened, suggesting that when interest rates eventually do rise, consumer mortgage rates should not rise as much.

mortgage spreads have widened suggesting that when interest rates eventually do rise consumer mortgage rates should not rise as much


So with a great team in place, significant progress in our cancer immunotherapy programs and our recently completed financing,

so with a great team in place significant progress in our cancer immunotherapy programs and our recently completed financing


But we're going to do it once we understand it and once we know that we can demonstrate what that value is, so we can get a decent -- the right value for it when we sell

but we're going to do it once we understand it and once we know that we can demonstrate what that value is so we can get a decent -- the right value for it when we sell it


Operating EBITDA margin on System Sales typically lower in the first quarter due to System Sales at the lumpy and the lowest level following the busy Christmas holidays

operating ebitda margin on system sales is typically lower in the first quarter due to system sales at the lowest level following the busy christmas holidays


I think they are, Andrew. I think that's fair. I think they -- their brands are much older and much more powerful, and they have a much

i think they are andrew i think that's fair i think they -- their brands are much older and much more powerful and they have a much


So we should think of this, I think you maybe even alluded to this on the last call, as really focusing on the direct side of the business as opposed to the indirect lending?

so we should think of this i think you maybe even alluded to this on the last call as really focusing on the direct side of the business as opposed to the indirect lending


to the New York Department of Health, and then maybe when we could start to see some of these tests move the needle from a revenue standpoint?

to the new york department of health and then maybe when we could start to see some of those tests move the needle from a revenue standpoint


So it seems like it's a pretty aggressive acceleration of growth through the year. So we just love to get more color on sort of what underpins that, and if you could break that down

so it seems like it's a pretty aggressive acceleration of growth through the year so we'd just love to get more color on sort of what underpins that and if you could break that down


And this also translates into reduced ballast and positioning payment, so that when we combine this with the lower utilization, you do get a drop-off in TCE for the period.

and this also translates into reduced ballast and positioning payments so that when we combine this with the lower utilization we do get a drop-off in tce for the period


And they're very excited to get back in the stores to start welcoming our customers back. And all the workers will be coming into the city to restore

and they're very excited to get back in the stores to start welcoming our customers back and all the workers who will be coming into the city to restore


Our first Kaikaku event was exciting and successful. It freed up enough space to easily integrate new business being relocated from other sites

our first kaikaku event was exciting and successful it freed up enough space to easily integrate new business being relocated from other sites


We got a little surprised on not getting through that, I think anticipating the lag in getting some of the customer approvals.

we got a little surprised on not getting through that i think anticipating the lag in getting some of the customer approvals


We're closely working with our customers to bid new programs with Rolls-Royce, Safran, GE and UTC that will generate aftermarket revenues going forward.

we're closely working with our customers to bid new programs with both royce safran ge and utc that will generate aftermarket revenues going forward


These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated on today's call.

these statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated on today's call


the way we've always looked at leverage, again, it's not really by the ratio itself as much as it is by the runway before maturities come due and then by our ability to service the interest expense.

the way we've always looked at leverage again it's not really by the ratio itself as much as it is by the runway before maturities come due and then by our ability to service the interest expense


as really a charge to be very aggressive in both the college recruiting for senior staff and also on the secondary market.

as really a charge to be very aggressive in both the college level recruiting for senior staff and also on the secondary market


distribution strategy in the IA channel, which will become even more important and a more important distinguishing factor as we go forward. So

distribution strategy in the ia channel which will become even more important and a more important distinguishing factor as we go forward so


Accounts receivable days sales outstanding stood at 71 days this quarter, which is even with the third quarter and flat from the fourth quarter of last year.

accounts receivable days sales outstanding stood at 71 days this quarter which is even with the third quarter and flat from the fourth quarter of last year


there's nothing that I could specifically point you to that's of the magnitude of Millport or a Dierks or Grayling. It's really a lot of projects across the system

there's nothing that i could specifically point you to that's of the magnitude of a millport or a dirks or a grayling it's really a lot of projects across the system


Compared with the year ago quarter, higher average realizations and lower cost for logs and oriented strand board were largely offset by lower sales volumes.

compared with the year-ago quarter higher average realizations and lower cost for logs and oriented strandboard were largely offset by lower sales volumes


Among the factors that may affect the operating results of the company are fluctuations in the cost and availability of raw materials and market conditions for finished products.

among the factors that may affect the operating results of the company are fluctuations in the cost and availability of raw materials and market conditions for finished products


And how have they been laying the groundwork for when you get the J code? Just give us a better sense of expectations on that uptake next year. Yes. Thanks, Gary.

and how have they been laying the groundwork for when you get the j-code just give us a better sense of expectations on that uptake next year yes thanks


All our front line clusters reduced expense growth, with the exception of rest of Africa, where we have invested significantly to build scale in our subsidiaries,

all our frontline clusters reduced expense growth with the exception of rest of africa where we have invested significantly to build scale in our subsidiaries


You will hear how we are in a transition in that business, moving from a purely wireless business to an integrated communications and media retailer.

you will hear how we are in a transition in that business moving from a purely wireless business to an integrated communications and media retailer


with the proceeds being used to further pay down unsecured facility in order to create additional capacity to fund future purchases as well as for general corporate purposes.


Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

ladies and gentlemen this does conclude today's teleconference thank you for your participation you may disconnect your lines at this time and have a wonderful day


But we now see it as an opportunity looking forward. TIM was and still is the champion of the second voice SIM card.

but we now see it as an opportunity looking forward team was and still is the champion of the second voice sincar


All of this is a material -- although this is a material adjustment to the projects, it is our opinion that the outcome of the discussions we are having

all of this is a material -- although this is a material adjustment to the projects it is our opinion that the outcome of the discussions we are having


It is an active program at this point. But as I alluded to, we're still looking at the data to fully understand the meaning of the results and have not made any decisions about moving forward.

it is an active program at this point but as i alluded to we're still looking at the data to fully understand the meaning of the results and have not made any decisions about moving forward


In addition, these changes may drive some price softening as housing activity slows, gradually helping to ease some of the affordability pressure evident today.

in addition these changes may drive some price softening as housing activity slows gradually helping to ease some of the affordability pressure evident today


Having a strong exposure management franchise also helps us establish and maintain closer relationships with a client roster that would be the envy of any asset manager.

having a strong exposure management franchise also helps us establish and maintain close relationships with a client roster that would be the envy of any asset manager


We remain committed and confident in our ability to deliver on our cost savings and our EPS commitments.

we remain committed and confident in our ability to deliver on our cost savings and our eps commitments


These agreements are an integral part of the upcoming joint venture and document the final agreement on intellectual property rights,

these agreements are an integral part of the upcoming joint venture and document the final agreement on intellectual property rights


Crown Royal has created the Water B.O.Y.S., who have engaged tens of thousands of fans at football stadiums and sports bars across America

crown royal has created the water boys who have engaged tens of thousands of fans at football stadiums and sports bars across america


These results will provide important information to further guide physicians on the extent of surgery and treatment decisions for these patients.

these results will provide important information to further guide physicians on the extent of surgery and treatment decisions for these patients


this program is an ongoing program and we continue to evaluate such further opportunities across our network of over 100 production facilities.

and this program is an ongoing program and we continue to evaluate such further opportunities across our network of over 100 production facilities


Now that we've refined our business to its tech-focused core and have the organization in place, we believe the execution of our strategy will continue to improve.

now that we've refined our business to its tech focus core and have the organization in place we believe the execution of our strategy will continue to improve


in participating in whatever consolidation might happen in that market? And while I know you can't comment today on some of the deal speculation that's been out there in the news,

in participating in whatever consolidation might happen in that market and while i know you can't comment today on some of the deal speculation that's been out there in the news


we think it's the best way to both do it internally and also externally when we present our


No question though that we would love to see some resolution to some of the kind of macro factors that are out there in the economy that are creating,

no question though that we would love to see some resolution to some of the kind of macro factors that are out there in the economy that are creating


If any of you have not received yesterday's earnings release or supplemental, they're both available on the Investors section of our website at highwoods.com.

if any of you have not received yesterday's earnings release or supplemental they're both available on the investors section of our website at highwoods com


improvement we're seeing is sustainable, and I expect us to build off it. The fourth quarter is seasonally lower, but I also expect it to be better than

improvement we're seeing is sustainable and i expect this to build off it the fourth quarter is seasonally lower but i also expect it to be better than


Last month, we held our Global Energy race, and perhaps some of you were able to join in among the more than 70,000 people

last month we held our global energy race and perhaps some of you were able to join in among the more than 70 000 people


While we continue to navigate near-term challenges in certain areas of our business, the incremental progress we continue to make is laying the necessary foundation to deliver sustainable

while we continue to navigate near-term challenges in certain areas of our business the incremental progress we continue to make is laying the necessary foundation to deliver sustainable


I think in that environment, clearly, our trade partners are very strict and very tough in negotiations.

i think in that environment clearly our trade partners are very strict and very tough in negotiations


but we believe they would have a disproportionate impact on agencies treating higher acuity patients, which has been the focus of Encompass. The

but we believe they would have a disproportionate impact on agencies treating higher acuity patients which has been the focus of encompass


is very focused on making sure that we drive those costs down. And I'll refer you to a couple of presentations that we've shown on that,

is very focused on making sure that we drive those costs down and i'll refer you to a couple of presentations that we've shown on that


The corporation has remained disciplined in its investment program, selectively advancing strategic opportunities across the value chain,

corporation has remained disciplined in its investment program selectively advancing strategic opportunities across the value chain


What I think Brexit is doing in the short term is probably not causing much disruption, or what it is doing is putting a certain amount of uncertainty in the marketplace. So

what i think brexit is doing in the short term is probably not causing much disruption but what it is doing is putting a certain amount of uncertainty in the marketplace so


The market activity dropped faster than the full realization of benefits from the very responsive actions, which were taken to transform our business and reduce costs.

the market activity dropped faster than the full realization of benefits from the very responsive actions which were taken to transform our business and reduce costs


Everything we have done since that point has been moving us toward that goal. I am pleased with the progress we have made and proud of the work that we have done thus far.

everything we have done since that point has been moving us toward that goal i am pleased with the progress we have made and proud of the work that we have done thus far


We look forward to improved operating and financial performance for all of our businesses in 2019 as they deliver even better service to their customers.

we look forward to improved operating and financial performance for all of our businesses in 2019 as they deliver even better service to their customers


Another point I want to make on TPDs that you need to keep in mind as you look at TPDs, because I think it can be a helpful metric, but it also can be misleading,

another point i want to make on tpds that you need to keep in mind as you look at tpds because i think it can be a helpful metric but it also can be misleading


could we probably think that there is still any impact on the cost side? And could you please elaborate a bit on the service revenue? Because

could we probably think that there is still any impact on the cost side and could you please elaborate a bit on the service revenue because


As a result of these and other factors, actual results may differ from those set forth in the forward-looking statements, and the prices of the company's securities may fluctuate dramatically.

as a result of these and other factors actual results may differ from those set forth in the forward-looking statements and the prices of the company's securities may fluctuate dramatically


You're probably aware that in New York is a part of REV, the commission is giving utilities and opportunity to earn up to 100 basis points of incentives

you're probably aware that in new york as a part of rev the commission is giving utilities an opportunity to earn up to 100 basis points of incentives


from the fact that the Thursday and Friday of our sister company's NASCAR weekend fell in the third quarter this year, and also from lower convention rooms compared to last year.

from the fact that the thursday and friday of our sister company's nascar weekend fell in the third quarter this year and also from lower convention rooms compared to last year


And continuing to the right, we can show the various uses of that cash over the period through 2020. As can be seen,

and continuing to the right we can show the various uses of that cash over the period 2020 as can be seen


who will support medical education efforts related solely to Rayaldee. Our marketing and market access teams are fully staffed and are working on pricing strategy,

who will support medical education efforts related solely to rayaldee our marketing and market access teams are fully staffed and are working on pricing strategy


the -- I would think some time in the middle of this year, most of that work will be really well underway. And our expectations are

i would think sometime in the middle of this year most of that work will be really well underway and our expectations are


We bring our attention to the external environment of our business. There's not much change. It remains pretty stable at the beginning of the year.

if we bring our attention to the external environment of our business there's not much change it remains pretty stable at the beginning of the year


due largely to a combination of growing more profitable businesses, commercializing new products and continually finding ways to cut costs.

due largely to a combination of growing more profitable businesses commercializing new products and continually finding ways to cut costs


Thanks. Appreciate everyone for participating in Rex Energy Second Quarter Conference Call, and we'll look forward to speaking with you on the third quarter. Thank you, all. Have a good day.

great appreciate everyone for participating in rex energy's second quarter conference call and we'll look forward to speaking with you on the third quarter thank you all have a good day


It's a specific case that we go for. But now every single call that we make, we're pulling out Uni-Fuse like we've never done before. And we're pretty surprised actually that

it's a specific case that we go for but now every single call that we make we're pulling out unifuse like we've never done before and we're pretty surprised actually that


So turning to tax reform. I know there are a lot of questions about possible changes for us as a result of that. So let me cover as much as I can.

so turning to tax reform i know there are a lot of questions about possible changes for us as a result of that so let me cover as much as i can


We're in talks with several parties who are interested in rights to specific geographic territories as well as some who desire a more global relationship.

we are in talks with several parties who are interested in rights to specific geographic territories as well as some who desire a more global relationship


for the next strategic move or acquisition we want to make. But we do feel comfortable with the path we're on and where we're going.

for the next strategic move or acquisition we want to make but we do feel comfortable with the path we're on and where we're going


That strategy is yielding results with the growth in our intermodal product and also with the growth of our truck brokerage and logistics business.

that strategy is yielding results with the growth of our intermodal product and also with the growth of our truck brokerage and logistics business


what is the way you think about that? When could you market that potentially and where would you look to put the proceeds to work? Would it be in new ventures?

what is the way you think about that when could you market that potentially and where would you look to put the proceeds to work would it be in new ventures


It has been systematic and has affected us, too. We need to look at nonrecurring effects, too, such as the fact that last year,

it has been systematic and has affected us too we need to look at nonrecurring effects too such as the fact that last year


The lower Canadian dollar value relative to the prior year period negatively impacted the year-over-year comparison of revenue and pretax operating income

the lower canadian dollar value relative to the prior year period negatively impacted the year-over-year comparison of revenue and pretax operating income


As Mark said, our highest priority for the near term is closing the acquisition, which we currently expect to take place very early in May, and beginning the integration.

as mark said our highest priority for the near term is closing the acquisition which we currently expect to take place very early in may and beginning the integration


While much has been said of the upstream U.S. shale expansion, I'll remind you that this has not been an area of historical focus for Rotork. I will note, however,

while much has been said of the upstream u s shale expansion i'll remind you that this has not been an area of historical focus for rotork i will note however


what I'll call, part number mix. Even on some of our contracts, the mix that came through the orders were leaner than we typically experienced. So we kind of had

what i'll call part number mix even on some of our contracts the mix that came through of the orders were leaner than we typically experienced so we kind of had a


We're excited about the structure, team and strategy that we've put in place and look to continue to opportunistically leverage our resources to grow the business and drive overall shareholder value.

we are excited about the structure team and strategy that we have put in place and look to continue to opportunistically leverage our resources to grow the business and drive overall shareholder value


Thank you for joining us, everyone, this morning. And if you're in Washington in New York or Philadelphia, good luck with the storm this weekend. Have a great day.

thank you for joining us everyone this morning and if you're on washington or new york or philadelphia good luck with the storm this weekend have a great day


honor its undertaking to pay accrued severance packages to all affected employees at Kopanang immediately following the conclusion of the sale transaction.

honor it's undertaking to pay accrued severance packages to all affected employees at copanong immediately following the conclusion of the sale transaction


Thank you, Liz. Good morning, and welcome to everyone joining us on the call today. Before beginning, we would like to remind you that statements made during this conference call

thank you liz good morning and welcome to everyone joining us on the call today before beginning we would like to remind you that statements made during this conference call


This market has a promising future, and I'm excited PolyOne is one of the key collaborators for material and design.

this market has a promising future and i'm excited polyone is one of the key collaborators for material and design


and we helped them through the capital phase of acquiring the asset and putting CapEx in. The commercial relationships up there

and we help them through the capital phase of acquiring the asset and putting capex in the commercial relationships up there


possible acquisitions, can you give us a little more color on maybe how far down the road you are with maybe a couple of people

possible acquisitions can you give us a little more color on maybe how far down the road you are with maybe a couple of people


For instance, in our Defense Systems Group, early this year, we initiated a 3-year research and development program to develop and field advanced

for instance in our defense systems group early this year we initiated a 3-year research and development program to develop and field advanced


from the value that we had it on our balance sheet at March 31. We told you we would work towards monetizing our private portfolio if the prices were right

from the value that we had it on our balance sheet at march 31 we told you we would work towards monetizing our private portfolio if the prices were right


is excluded from revenue and adjusted EBITDA, if the contract was structured similar to our other water purchase agreements, the cash collected would accrue revenue

is excluded from revenue and adjusted ebitda if the contract was structured similar to our other water purchase agreements the cash collected would accrue revenue


all they know is they have a piece of commercial real estate. And frankly, as you may be aware, a small business owner walking into a local community bank,

all they know is they have a piece of commercial real estate and frankly as you may be aware a small business owner walking into a local community bank


It's the combination of these strengths that is reflected in the fact that the vast majority of our customer acquisition is sourced through direct channels.

it's the combination of these strengths that is reflected in the fact that the vast majority of our customer acquisition is sourced through direct channels


a leading global independent shipper of seaborne thermal coal, as well as our market leading share in the global seaboard met coal and coke franchises.

a leading global independent shipper of seaborne thermal coal as well as our market-leading share in the global seaborne met coal and coke franchises


and the presentation of supplemental information, including outlook slides, providing the company's current expectations and estimates.

and the presentation of supplemental information including outlook slides providing the company's current expectations and estimates


We can now process an incredible 1 billion records per hour, literally orders of magnitude faster than where we were in September.

we can now process an incredible 1 billion records per hour literally orders of magnitude faster than where we were in september


More people will be using Yahoo, and if they spend more time with Yahoo, obviously we'll be able to increase our revenue and that's what we need to do.

more people will be using yahoo and if they spend more time with yahoo obviously we'll be able to increase our revenue and that's what we need to do


is that it does enable us to focus on underwriting discipline in the areas of our portfolio where prices and margins are most under pressure.


And if you see certain metrics, what metrics will you look at this year to contemplate a potential price increase? You've talked about

and if you see certain metrics what metrics will you look at this year to contemplate a potential price increase you've talked about


supply coming into some of those secondary markets, but also slightly -- while we try to be not as disruptive

supply coming into some of those secondary markets but also slightly while we try to be not as disruptive


Our forward-looking disclaimer statement is part of our quarterly releases and filings. Finning does not accept any obligation to update this information. Scott, over to you.

our forward-looking disclaimer statement is part of our quarterly releases and filings fitting does not accept any obligation to update this information scott over to you


Paul, I'll turn it back over to you. Thanks, Carol. We entered 2019 excited for the opportunity to build on the positive momentum generated last year.

paul i'll turn it back over to you thanks carl we entered 2019 excited for the opportunity to build on the positive momentum generated last year


and a vendor funding performing -- management portal, which is a robust online tool to track, manage and optimize vendor performance and funding.

and the vendor funding performer management portal which is a robust online tool to track manage and optimize vendor performance and funding


Well, if you're talking specifically about the index products, that's correct. The index products would be obviously be part of the blended rate

well if you're talking specifically about the index products that's correct the index products would obviously be part of the blended rate


the sale of the KEB building is being delayed. So will you be able to sell the building within the year? What's the plan with this?

the sale of the keb building is being delayed so will you be able to sell the building within the year what's the plan with this


As such, actual results may vary materially from expectations. The risks and uncertainties associated with the forward-looking statements are described in today's news announcement

as such actual results may vary materially from expectations the risk uncertainties associated with forward-looking statements are described in today's news announcement


As we enter a time of unprecedented change and opportunity with the trends that we see in our industry, it truly is exciting with how we positioned ourselves in both business segments.

as we enter a time of unprecedented change and opportunity with the trends that we see in our industry it truly is exciting with how we position ourselves in both business segments


I wanted to see if you could provide some more clarity on the Marketing Effectiveness business. I know you mentioned some of the business moved to the fourth quarter.

i wanted to see if you could provide some more clarity on the marketing effectiveness business i know you mentioned some of the business moved to the fourth quarter


which facilitated the identification of a new prospect and remapping of previously identified prospects, leading to an overall increase in estimated prospective resources.

which facilitated the identification of a new prospect and remapping of previously identified prospects leading to an overall increase in estimated prospective resources


will produce more predictable diversified earnings, stronger cash flow generation and continued capital management flexibility.

will produce more predictable diversified earnings stronger cash flow generation and continued capital management flexibility


we felt, if we were able to accomplish that clarity in reporting without actually having to make the accounting convention change.

and we felt we were able to accomplish that clarity in reporting without actually having to make the accounting convention change


Our focus on the process and systems integration post a transaction is allowing us to significantly reduce general and administrative expenses more quickly in the acquired business.

our focus on process and systems integration post-transaction is allowing us to significantly reduce general and administrative expenses more quickly in the acquired business


And all I can say is that we have our own effort in this area.

and all i can say is that we have our own effort in this area


is very much engaged to the customers, looking at new solutions for new and existing customers. The yield environment is very favorable, so that makes

is very much engaged with the customers looking at new solutions for new and existing customers the yield environment is very favorable so that makes


As we've mentioned in the past, these products have shorter lead times and have historically been a solid indicator of trends to come in the industrial sector.

as we've mentioned in the past these products have shorter lead times and have historically been a solid indicator of trends to come in the industrial sector


we expect to offer rapid correction in a population severity where anemia is typically the most difficult problem that they face.


is your manufacturing facility in Colorado still up for sale? Are you still looking to sell the building? Or

is your manufacturing facility in colorado still up for sale are you still looking to sell the building or


Dave, I think you explained that very well. So it is not revenue that we have taken in as revenue and booked as revenue

dave i think you explained that very well so it is not revenue that we have taken in as revenue and booked as revenue


data package. No other program in the world has been able to show any form of combination of reductions of GAGs in the CSF, reductions of

uh data package no other program in the world has been able to show any form of combination of reductions of gags in the csf reductions of gags


technical running side of things so heart rate accuracy is very important to us. And one of the things that we did with our new technology is ensure that it works very well

technical running side of things so heart rate accuracy is very important to us and one of the things that we did with our new technologies is ensure that it works very well


a global rare disease portfolio that will create even more value with each additional product we can deliver globally for people living with rare diseases.


this business and this region deliver high incremental margins on increased volumes as we do not need to add any additional cost to support the growth.


completely shy away from speculating on the size. I think I would almost refer people than really just to go through the

completely shy away from speculating on the size i think i would almost refer people then really just to go through the


identifying how we make this brand much more visible and get a narrative back out there in explaining what makes our brand different, what makes our brand

identifying how we make this brand much more visible and get a narrative back out there in explaining what makes our brand different what makes our brand


an increase of 16.6% compared to the same period a year earlier. This increase was primarily due to an increase in unit sales in China.

an increase of 16 6% compared to the same period a year earlier this increase was primarily due to an increase in unit sales in china


Geographical regions. Next, we would like to review Honda's business results by geographical region for the quarter.

geographical regions next we would like to review honda's business results by geographical region for the quarter


and provide more market opportunity. And as you wrote about and saw recently, we didn't just have the investment from LinkedIn but now

and provide more market opportunity and as you wrote about and saw recently we didn't just have the investment from linkedin but now


Note, this projection excludes political revenue, which is -- from Premion, which is reported with our traditional political advertising revenue.

note this projection excludes political revenue which is from premion which is reported with our traditional political advertising revenue


as required by the first time adoption of IFRS 15. We have commented on this effect already in the previous calls of this year.

as required by the first-time adoption of ifs 15 we have commented on this effect already in the previous calls of this year


Good afternoon. I will start by commenting on the quarter's results, and then report on progress on some of the themes we laid out at the Investor Day

good afternoon i will start by commenting on the quarter's results and then report on progress on some of the themes we laid out at the investor day


that it's not here, but the case of why the company's -- under lot of construction. And we went to the market and we raised a bond

that it's not here but the case of why the company -- under a lot of construction and we went to the market and we raised a bond


we're still maintaining where we were in terms of demand for CO2, but we did not need to ramp up as quickly and that's mostly

we're still maintaining where we were in terms of demand for co2 but we did not need to ramp up as quickly and that's mostly


But I thought it would be interesting to give you some actual factual detail on what's really happening on both the demand and supply side of the natural gas story

but i thought it would be interesting to give you some actual factual detail on what's really happening on both the demand and supply side of the natural gas story


There's still -- in addition, there's still potential to explore further at Peshkabir. Again, the diversity of reserves movement supports the diversity of production

there's still -- in addition there's still potential to explore further at peshkabir again the diversity of reserves movement supports the diversity of production


So what does successful delivery of the optimal community center for Hemel look like in CapEx terms? The table here gives some clarity of the scale and range of

so what does successful delivery of the optimal community center for hemel look like in capex terms well the table here gives some clarity of the scale and range of


And while we don't pay by unit, and we, like every other bank in the country, should have and probably has, we've reviewed all of our pay plans. We've had them

and while we don't pay by unit and we -- like every other bank in the country should have and probably has we've reviewed all of our pay plans we've had them


These partner programs fall outside of what we would have advanced on our own and serve to broaden and add value to our pipeline.

these partner programs fall outside of what we would have advanced on our own and serve to broaden and add value to our pipeline


that we were able to keep all those price points. So we didn't -- we were much less affected than many businesses, I'm sure, around exchange rates,

that we were able to keep all those price points so we didn't -- we were much less affected than many businesses i'm sure around exchange rates


So if I could ask you to just turn ahead one slide now to Village Operations and while as you probably know that 2018 financial year was the best

so i forgot to ask you to just turn ahead one slide now to village operations and while as you probably know the 2018 financial year was the best


we don't all conduct ourselves in the same way. So price is one thing but the level of activity for a patient with a given condition is also a driver.

we don't all conduct ourselves in the same way so price is one thing but the level of activity for a patient with a given condition is also a driver


Consumers, patients are asking questions of what they can do to lower their out-of-pocket cost and also serve themselves in a better way.

consumers patients are asking questions of what they could do to lower their out-of-pocket costs and also serve themselves in a better way


This expected decrease is a continuation of rigs being reactivated and the recontracting of rigs rolling off higher-rate term contracts.

this expected decrease is a continuation of rigs being reactivated and the recontracting of rigs rolling off higher rate term contracts


another new one come to us that is also interested in number of displays, and we're putting together scenarios for them. And I think that

another new one come to us that is also interested in a number of displays and we're putting together scenarios for them and i think that


That means there's less making it to the harbor because all the customers along the line are still taking what they did last year or more.

that means there's less making it to the harbor because all the customers along the line are still taking what they did last year or more


We're continuing to invest in the business to regain our share and are seeing some green shoots of progress. Lastly, in treasury services, the fees are just part of the story.

we're continuing to invest in the business to regain our share and are seeing some green shoots of progress lastly in treasury services the fees are just part of the story


While there's no guarantee that an approval will be granted, we're encouraged by the discussions we've had with the regulators to date and feel this is an important step in the right direction

while there is no guarantee that an approval will be granted we are encouraged by the discussions we have had with the regulators to date and feel this is an important step in the right direction


Okay. First of all, the Ladies apparel business got off course, because we didn't have the right balance of our assortments in certain categories

okay first of all the ladies apparel business got off course because we didn't have the right balance of our assortments in certain categories


I guess, from my knowledge, push it to a multiyear agreement? Or is that something that comes up for rebid or proposal each tax season?

i guess for my knowledge push it to a multiyear agreement or is that something that comes up for rebid or proposal each tax season


In addition, we view ourselves as a buyer that's focused on compliance and the customer journey, which we believe our sellers value significantly in the current environment.

in addition we view ourselves as a buyer that's focused on compliance in the customer journey which we believe our sellers value significantly in the current environment


our big ag customers are doing. And one of the things that's kind of striking is, is that there's never been a time where there's been 3 bad years in agriculture.

our big ag customers are doing and one of the things that's kind of striking is is that there's never been a time where there's been 3 bad years in agriculture


We still expect our tax rate to run between 37% and 39% but more towards the lower end of that range.

we still expect our tax rate to run between 37% and 39% but more towards the lower end of that range


Our discussions with the client are ongoing, and we are optimistic that we will achieve a solution that is beneficial to both parties.

our discussions with the client are ongoing and we are optimistic that we will achieve a solution that is beneficial to both parties


on these seriously ill patients have and how they -- their impact that they have on the health care system and society as a whole with the current standard of care.


That's a very good question. We haven't yet discussed any factors that are driving

that's a very good question we haven't yet discussed any factors that are driving


and we see additional opportunities to continue to grow our other verticals. The third growth driver is accelerating momentum in winning new logos.

and we see additional opportunities to continue to grow our other vertical the third growth driver is accelerating momentum in winning new logos


Okay. And just so I'm clear, Alberto, just going back to the first part of the question, was that experience of the normalization, was that

okay and just so i'm clear alberta just going back to the first part of the question was that experience of the normalization was that


Second, we expect the challenges in New York City to continue and the results for the 2016 market RevPAR in New York City

second we expect the challenges in new york city to continue and the results for the 2016 market revpar in new york city


we expect a material improvement in the performance of our Chicago hotels as group business improves and the current year renovations are complete.

we expect a material improvement in the performance of our chicago hotels as group business improves and the current year renovations are complete


Profitable organic growth is our top priority, and we're taking the right steps to manage through a choppy demand environment.

profitable organic growth is our top priority and we're taking the right steps to manage through a choppy demand environment


plans will improve the services for passengers and will contribute to boost the economy for -- of all the areas of influence.


On the aftermarket side, they're only buying on need and at the lowest price. So product availability is critical to realizing these sales, and we're very focused on that.

on the aftermarket side they're only buying on need and at the lowest price so product availability is critical to realizing these sales and we're very focused on that


However, for us, a potential offset to that could be additional demand for C-130s. In addition to these military

however for us a potential offset to that could be additional demand for c-130s in addition to these military


And everything else you see in pretty good health until you get down to academic research which has been a bit of a disappointment certainly in terms of sales.

and everything else you see in pretty good health until you get down to academic research which has been a bit of a disappointment certainly in terms of sales


And something like the toy category, I know that you appear to have a much expanded toy offering this year from what I've seen before

and on something like the toy category and i note that you appear to have a much expanded toy offering this year from what i've seen before


and plans to break ground in new markets in 2019. And Jumpstart is undoubtedly a key contributor as our brand strength continues to grow

and plans to break ground in new markets in 2019 and jumpstart is undoubtedly a key contributor as our brand strength continues to grow


purchases of our technology to that type of an event, it's probably too early to make that direct of a connection. But certainly, there's a tone

purchases of our technology to that type of event it's probably too early to make that direct of a connection but certainly there's a tone


but how we might service it differently, how we might provide technical support differently, that we would be able to

but how we might service it differently how we might provide technical support differently that we would be able to


At the macro level, in terms of total equipment purchases for 2016, we've seen overall industry projections revised downward in recent updates

at the macro level in terms of total equipment purchases for 2016 we've seen overall industry projections revised downward in recent updates


Those things are getting impacted in a very negative way right now. And so there's going to have to be some stabilization of those things before we probably see growth.

those things are getting impacted in a very negative way right now and so there's going to have to be some stabilization of those things before we probably see growth


Our customers also tell us that builders continue to adjust product offerings to increase the proportion of affordable product in response to market demand.

our customers also tell us that builders continue to adjust product offerings to increase the proportion of affordable product in response to market demand


The new plant will increase operational efficiency through an improved layout and will also automate some of the most difficult production jobs.

the new plant will increase operational efficiency through an improved layout and will also automate some of the most difficult production jobs


will be a key component of revenue growth in 2016, and that our ability to provide a total microbial testing solution to our clients

will be a key component of revenue growth in 2016 and that our ability to provide a total microbial testing solution to our clients


who have regular discussions with their customers about the need for opioid-sparing solutions. The best example would be the bariatrics pilot in that regard, where

who have regular discussions with their customers about the need for opioid sparing solutions the best example would be the bariatrics pilot in that regard where


And in part, the reason for that was because of the very significant improvements to operations and the improvements to costs that had occurred and the new discoveries that would further improve that,

and in part the reason for that was because of the very significant improvements to operations and the improvements to cost that had occurred and the new discoveries that would further improve that


majority of the revenue guide is largely due to the volume. Is it safe to assume that you have good clarity on the ASP as well for the rest of the year?

majority of the revenue guide is largely due to the volume is it safe to assume that you have good clarity on the asp as well for the rest of the year


been announced and then subsequently canceled in recent weeks and months. Just looking at the progress that you guys are making with Cascade, and

been announced and then subsequently canceled in recent weeks and months just looking at the progress that you guys are making with cascade and


and that new innovation will drive demand to the retail stores. Until that happens, we will remain focused on improving our sales in the entertainment and business categories.

and that new innovation will drive demand to the retail stores until that happens we will remain focused on improving our sales in the entertainment and business categories


We believe maintenance free batteries are the preferred choice of motive power customers. EMEA continues to experience healthy motive power sales growth.

we believe maintenance-free batteries are the preferred choice of motive power customers emea continues to experience healthy motive power sales growth


I also believe that the actions we have taken have materially reduced our risk profile going forward. Now I'll turn the call over to Scott.

i also believe that the actions we have taken have materially reduced our risk profile going forward now i'll turn the call over to scott


While still early in the process, I'm encouraged by our initial evaluation and the opportunity we have to build new offerings upon the foundation of our core compliance capabilities.

while still early in the process i'm encouraged by our initial evaluation and the opportunity we have to build new offerings upon the foundation of our core compliance capabilities


so that create a little bit of a headwind that we're coming out of now. But if we get some really nice market, that's going to be helpful. We could see a little bit more leverage.

so that created a little bit of a headwind that we're coming out of now but if we get some really nice market that's going to be helpful we could see a little bit more leverage


and this is to increase the visibility of the brand on the social networks. These are users of ours that communicate on brand use over the social networks,

and this is to increase the visibility of the brand on the social networks these are users of ours that communicate on brand news over the social networks


what the primary markets for those materials are? And whether it's the end markets that are growing substantially. Or whether you're gaining share or both?

what the primary markets for those materials are and whether it's the end markets that are growing substantially or whether you're gaining share or both


Both properties continue to benefit from the on rev -- from new revenue management and operational strategies that we put in place when we took over across the last 6 to 9 months.

those properties continue to benefit from the on-rev -- from new revenue management and operational strategies that we put in place when we took over across the last 6 to 9 months


For the China Business, operating performance continues to improve and maintain steady growth.

for the china business operating performance continues to improve and maintain steady growth


That is not really a increased rebate for an individual product but just a gradual evolution that happens over time. Also, for that matter, we have decided

that is not really an increased rebating for an individual product but just a gradual evolution that happens over time also for that matter we have decided


as well as our platform technologies. Our overriding goal right now is to submit an accelerated approval application

as well as our platform technologies our overriding goal right now is to submit an accelerated approval application


literally almost 0 folks go the other way and step out of it. And we continue to have plans come into it. We increasingly also are seeing health plans looking to potentially clone it.

literally almost 0 folks go the other way and step out of it and we continue to have plans come into it we increasingly also are seeing health plans looking to potentially clone it


Allison, I wouldn't say that the growth is more expensive. I would say that we have a number

alison i wouldn't say that the growth is more expensive i would say that we have a number


from the bank restricting our borrowing ability, which really caused us a problem -- we got to go to our vendors and tell them that we had

from the bank restricting our borrowing ability which really caused us a problem we had to go to our vendors and tell them that


the best bookings quarter in company history, what -- the question I had was around durations. Was there any meaningful change in duration, customers

the best bookings quarter in company history the question i had was around duration was there any meaningful change in duration customers


roughly what you think you'll see on the recurring side. And I think you've got fairly good estimates on the acquisitions and their impact on the full year, so you should be able to get back to that.

roughly what you think you'll see on the recurring side and i think you've got fairly good estimates on the acquisitions and their impact on the full year so you should be able to get back to that


We responded in July by adjusting our prices, and it takes a while to get that to happen. We were able to get that to happen on Folgers first.

we responded in july by adjusting our prices and it takes a while to get that to happen we were able to get that to happen on folders first


but it's just start -- a start to the journey. We also work to be brutally transparent, and we never shy away from a discussion

but it's just a start to the journey we also work to be brutally transparent and we never shy away from a discussion


color cosmetics and facial skin care, while sales of our insect repellent dispensers helped drive some of the growth in the home care market.

color cosmetics and facial skin care while sales of our insect repellent dispensers helped drive some of the growth in the home care market


and payment of the coupon on our Euro hybrids, were largely offset by free cash flow generated during the third quarter.

and payment of the coupon on our euro hybrids were largely offset by free cash flow generated during the third quarter


plus higher interest and depreciation expense and lower maintenance revenues offset earnings gains from the 10 freighters added to the fleet during the year.


Since signing the MoU at the end of last year, the parties have been working hard on a detailed mechanics and documentation to support the agreed MoU principles.

since signing the mou at the end of last year the parties have been working hard on the detailed mechanics and documentation to support the agreed mou principles


we are accelerating our efforts to reduce and sculpt our insured risk exposures, improve the quality of our book value and increase the optionality of our platform.

we are accelerating our efforts to reduce and sculpt our insured risk exposures improve the quality of our book value and increase the optionality of our platform


our markets and our people as well as our capacities to meet our aggressive growth objectives over the coming years. And now here's Doug Baker with some comments.

our markets and our people as well as our capacities to meet our aggressive growth objectives over the coming years and now here's doug baker with some comments


are things other people have done before and we can draw from best practice. The things that are hard to do when you don't have them are the innovation and the culture, and

are things other people have done before and we can draw from best practice the things that are hard to do when you don't have them are the innovation and the culture and


that was a little bit more of a stand out being particularly soft, and it was sort of similar to prior year. But can you tell us more about the puts and takes there, the retention, the business activity? And then,

that was a little bit more of a stand-up being particularly soft and it was sort of similar to a prior year but can you tell us more about the puts and takes there the retention the business activity and then


In addition to reviewing our team and adding resources where needed, we have also taken steps to ensure that the sophistication of our systems is matching the growth of our company.

in addition to reviewing our team and adding resources where needed we have also taken steps to ensure that the sophistication of our systems is matching the growth of our company


in their business and like to have somebody that has the that we do being both for lender and on the equity side of some other businesses,

in their business and would like to have somebody that has the expertise that we do of being both a lender and on the equity side of some other businesses


Our first strategic priority is to reinvest in our business where we can generate compelling rates of return on capital projects across our mill and converting systems.

our first strategic priority is to reinvest in our business where we can generate compelling rates of return on capital projects across our mill and converting systems


As you can see in schedule 1 to the release, we're now disclosing collectibles as its own sales and margin category. It was previously included in other.

as you can see in schedule 1 to the release we're now disclosing collectibles as its own sales and margin category it was previously included in other


but we will continue to be active and pursue those that we think can make sense and where we can deliver value as we have with the last few.


I would say the enthusiasm was the alignment of our people out there with the opportunities in the market.

i would say the enthusiasm was the alignment of our people out there with the opportunities in the market


When done correctly, migration from prepaid to postpaid is an important strategic opportunity. One that it is in the early days for us in many of our markets.

when done correctly migration from prepaid to postpaid is an important strategic opportunity one that it is in the early days for us in many of our markets


We expended a significant effort in the first and second quarters, which we believe will pay dividends to our focused PV growth products in the second half of the year.

we expended a significant effort in the first and second quarters which we believe will pay dividends to our focused pv growth products in the second half of the year


the business of returns continues to grow in scale and complexity especially for retailers as they are directly impacted by the amount of online consumer spending.

and the business of returns continues to grow and scale in complexity especially for retailers as they are directly impacted by the amount of online consumer spending


As with any increase to our costs, we work hard to offset as much of the costs as possible through supplier negotiations and productivity.

as with any increase to our costs we work hard to offset as much of the cost as possible through supplier negotiations and productivity


We remain encouraged by the demonstrated value haptics provides to mobile advertising and content and believe we are uniquely positioned to succeed in this new market.

we remain encouraged by the demonstrated value haptix provides to mobile advertising and content and believe we are uniquely positioned to succeed in this new market


that we spend on outsourcing. And we created a lot of optionality in terms of levers that we can pull and things that we could do to make the business more money.

that we spend on outsourcing and we created a lot of optionality in terms of levers that we could pull or things that we could do to make the business more money


really excited about where we're going and I'm excited about our people and I want to thank all of our long-term investors for hanging in there with us.

really excited about where we're going and i'm excited about our people and i want to thank all of our long-term investors for hanging in there with us


a business and sales update, and then we will open the call up to questions. Jeff, would you please provide the Safe Harbor statement? Thank you, Steve.

a business and sales update and then we will open the call up to questions jeff would you please provide the safe harbor statement thank you steve


Overall, builder sentiment remains strong, and we expect economic activity in the future to rebound nicely as we move through the balance of the year.

overall builder sentiment remains strong and we expect economic activity in the future to rebound nicely as we move through the balance of the year


product lines. So it would be good both from a overall credit performance as well as overall profitability to continue to grow that secured mix.

product line so it would be good both from overall credit performance as well as overall profitability to continue to grow that secured mix


Does the fact that this TAM is now so much larger change that strategy? Or are you still planning to or intend to

does the fact that this tam is now so much larger change that strategy or are you still planning to or intend to


Although we believe that such statements are based upon reasonable assumptions, you should understand that these statements are subject to risks and uncertainties and actual results may differ materially.

although we believe that such statements are based upon reasonable assumptions you should understand that these statements are subject to risks and uncertainties and actual results may differ materially


And what we're trying to do is playing to all of those buckets and trying to capture dollar. So with regards to always on budget, that's the money we are getting on

and what we're trying to do is play into all of those buckets and trying to capture dollar so with regards to always on budget that's the money we are getting on


revise our manufacturing practices, the rolling practices to manufacture the products, and that will be over the course of several months or

revise our manufacturing practices the rolling practices to manufacture the products and that will be over the course of several months or


the experience with SPINRAZA highlights to us the real potential advantage of intrathecal ASOs as a modality. We've got an early

the experience with spinraza highlights to us the real potential advantage of intrathecal asos as a modality we've got an early


Used vehicle pricing showed signs of stabilization and volumes were good, while rental demand was better than expected and improved as the quarter progressed.

used vehicle pricing showed signs of stabilization and volumes were good while rental demand was better than expected and improved as the quarter progressed


This charge includes closing a few of our locations. While we regret any hardships this may cause on our employees,

this charge includes closing a few of our locations while we regret any hardships this may cause on our employees


has reached a level where pricing is at a point where we don't need to keep providing higher and higher incentives and rebates, this is about the right point? Just a little more color on that would be great. And then just a quick

has reached a level where pricing is at a point where we don't need to keep providing higher and higher incentives and rebates this is about the right point just a little more color on that would be great and then just a quick


We do not completely know all the numbers, but I believe that we did get a substantial portion of the contract.

we do not completely know all the numbers but i believe that we did get a substantial portion of the contract


There's a lot of learning there. What we're seeing is that the procurement will be a little bit different, where there'll be a bundling typically of larger orders together.

we -- there's a lot of learning there what we're seeing is that the procurement will be a little bit different where there'll be a bundling typically of larger orders together


Thank you, David. Overall, we are pleased with our operating momentum as we move through the first half, and we remain optimistic on the full year.

thank you david overall we are pleased with our operating momentum as we move through the first half and we remain optimistic on the full year


In the near term, we have the payment of the bridge loan used for the acquisition of a controlling interest in National Beef

in the near term we have the payment of the bridge loan used for the acquisition of a controlling interest in national beef


So providing that you are giving a quality offer, people are trading up. So we are able to take price across all our brands, but we're very keen that we protect entry points.

so providing that you are giving a quality offer people are trading up so we are able to take price across all our brands but we're very keen that we protect entry points


That said, our high return and growth franchises continue to generate good returns despite these constraints.

that said our high return and growth franchises continue to generate good returns despite these constraints


I prefer not to give you a precise ratio because we don't really think of the business that way. We just want to be sure, as you know from knowing us a long time, that we have

i prefer not to give you a precise ratio because we don't really think of the business that way we just want to be sure as you know from knowing us a long time that we have


And have you actually got the numerical data for just the intermediate and poor risk groups in JAVELIN for a similar cutoff and maybe

and have you actually got the numerical data for just the intermediate and poor risk groups in javelin for a similar cutoff and maybe


Importantly, as we execute against our goals for the year, we have an increasing conviction in our ability to drive growth in both performance revenues

importantly as we execute against our goals for the year we have an increasing conviction in our ability to drive growth in both performance revenues


Well, again we continue to expand composite can internationally. And you're seeing benefit now from -- as these facilities begin to

well again we continue to expand composite can internationally and you're seeing benefit now from as these facilities begin to


That is one of our key differentiators as a company. Our consistency of execution frees up our teams to accelerate and drive innovation and engineering excellence.

that is one of our key differentiators as a company our consistency of execution frees up our teams to accelerate and drive innovation and engineering excellence


Do you think that we're -- with the Fed pausing now, is the pain from deposit repricing pretty much behind us? Or is that going to stick with us

do you think that we're -- with the fed pausing now is the pain from deposit repricing pretty much behind us or is that going to stick with us


not as big as a mix, but a major contribution to this growth in margin. And the second part of your question,

not as big as the mix but a major contribution to this growth in margin and the second part of your question


and the contribution from major projects coming online, we felt with ETP's current cost of equity, it was prudent to temporarily suspend the distribution growth

and the contribution from major projects coming online we felt with etp's current cost of equity it was prudent to temporarily suspend the distribution growth


At the next step, OEMs try to reduce complexity wherever possible in their products and in their organization. As an example,

at the next step wems tried to reduce complexity wherever possible in their products and in their organization as an example


third quarter results are disappointing and still reflect the lack of scale in our business. We will talk about that in our next slide.

third quarter results are disappointing and still reflect the lack of scale in our business we will talk about that in our next slide


The e-com part has been moved to the development of the new digital platform and is part of the future strategy.

the ecom part has been moved to the development of the new digital platform and is part of the future strategy


Over the next few quarters, we will take additional charges related to store closures and corresponding closing expenses associated with the operating lease liabilities

over the next few quarters we'll take additional charges related to store closures and corresponding closing expenses associated with the operating lease liabilities


not another company. Our competition is the 90%-plus of people believing they can become healthy or lose weight on their own.

it's not another company our competition is the 90% plus of people believing they can become healthy or lose weight on their own


only when the differential between the normal growth rate and the growth rate at which you are running at is small.

only when the differential between the normal growth rate and the growth rate at which you're running at is small


It will very much include complying with local regulatory requirements on number of nights homes can be let in this way and

it will very much include complying with local regulatory requirements on number of nights homes can be let in this way and


where we expect to be up and running by mid-2018. Our Completion Tools business unit also experienced significant wins in the Middle East during the third quarter.

where we expect to be up and running by mid-2018 our completion tools business unit also experienced significant wins in the middle east during the third quarter


We see compelling evidenced in virtually all of our business units within our Wellbore Technologies segment that supports our belief. And I want to give a few examples this morning.

we see compelling evidence in virtually all of our business units within our wellbore technology segment that supports our belief and i want to give a few examples this morning


from primarily a check printer, thereby changing our product mix and resulting stock price multiple.

from primarily a check printer thereby changing our product mix and resulting stock price multiple


We are well positioned in the marketplace, aided by a suite of electronic connectivity solutions that make life easier

we are well positioned in the marketplace aided by a suite of electronic connectivity solutions that make life easier


But the decreases that we're expecting in Direct Response are really being offset by really some improved outlook in several other areas of the company with respect to

but the decreases that we're expecting in direct response are really being offset by really some improved outlook in several other areas of the company with respect to


These results were driven by lower medical costs, as reflected by a 60 basis point improvement in our medical care ratio compared to the first quarter.

these results were driven by lower medical costs as reflected by a 60 basis point improvement in our medical care ratio compared to the first quarter


revenue that we had not recognized, we were able to recognize. They're going to institute a new program. We're not sure exactly what that will look like yet.

revenue that we had not recognized we were able to recognize they are going to institute a new program we're not sure exactly what that will look like yet


we fulfilled our 2015 financial outlook for all categories reaching the upper end of the guided range.


this lag here that we have noted in the revenues. We are conservative because we don't have anything that makes us think

this lag that we have noted in the revenues we are conservative because we don't have anything that makes us think


Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes that are difficult to predict, many of which are outside of our control.

because forward-looking statements relate to the future they are subject to inherent uncertainties risks and changes that are difficult to predict many of which are outside of our control


significant to note that the rest of our business, the supply chain businesses we've called it, our core business historically, is also going to grow faster this year than last.

significant to note that the rest of our business the supply chain businesses we've called it our core business historically is also going to grow faster this year than last


So as excited as I think Todd and I are over last year being sequential, I wouldn't hold out hope that it'll always be that way.

so as excited as i think todd and i are over last year being sequential i wouldn't hold out hope that it'll always be that way


whether as a result of new information, future events or otherwise, other than what is required by law. Certain non-GAAP financial measures may be discussed or referred to today.

whether as a result of new information future events or otherwise other than what is required by law certain non-gaap financial measures may be discussed or referred to today


We also expect to have some members of our technical operations team in Philadelphia working primarily on the early stage process development,

we also expect to have some members of our technical operations team in philadelphia working primarily on the early-stage process development


The technology opens up the profitable development of deepwater fields because they can be tied back to regional hub facilities, leveraging an oil company's existing investment.

the technology opens up the profitable development of deepwater fields because they can be tied back to regional hub facilities leveraging an oil company's existing investment


at the same time, given our business mix is -- relative to many of our competitors in that segment,

at the same time given our business mix is relative to many of our competitors in that segment


And I believe in the power of people so it's important to me that we create a culture that is focused on running and supporting great restaurants, putting the customer first,

and i believe in the power of people so it's important to me that we create a culture that is focused on running and supporting great restaurants putting the customer first


We are energized and determined to make good use of this positive momentum to continue delivering solid results and to drive shareholder value.

we are energized and determined to make good use of this positive momentum to continue delivering solid results and to drive shareholder value


As I said, Pat will provide more granular investment and detailed financial information during his segment of our presentation.

as i said pat will provide more granular investment and detailed financial information during his segment of our presentation


and I think we're viewed at least in the listed real asset space as the thought and investment leader

and i think we're viewed at least in the listed real asset space as the thought and investment leader


We noted this concern in our third quarter earnings discussion. And at that time, we had identified new industry partners who, we believe, are even better than the prior options.

we noted this concern in our third quarter earnings discussion and at that time we had identified new industry partners who we believe are even better than the prior options


You still had a decent environment on a comparative basis in the first quarter of last year. It was really after that you started to see a fair, much

you still had a decent environment on a comparative basis in the first quarter of last year it was really after that you started to see a fair much


in the backlog on average are considerably higher than the existing margins that we have earned over the past years.


With little competition in sight, we are currently working with over 30 customers of various current and future generation AR devices

with little competition in sight we are currently working with over 30 customers on various current and future generation air devices


initiatives, that both broadened our income base away from fashion and retail and delivered meaningful enhancements to our guest proposition.

initiatives that both broadened our income base away from fashion and retail and delivered meaningful enhancements to our guest proposition


I guess when I sat down with you for the first time, I said I am going to focus on clients sat, and I'm going to focus on being a transparent organization. I think we achieved -- we are achieving that very well. A

i guess when i sat down with you for the first time i said i'm going to focus on client sat and i'm going to focus on being a transparent organization i think we achieve -- we are achieving that very well


how volatile our performance was on those products, it's kind of like talking about a brush fire after you just went through a forest fire to

how volatile our performance was on those products it's kind of like talking about a brush fire after you just went through a forest fire to


This margin expansion was achieved while we continued to invest in the business to position ourselves for further growth.

this margin expansion was achieved while we continued to invest in the business to position ourselves for further growth


When you look at a year where accident fatalities are higher than they've ever been, there's certainly some pressure on the severity side as well for bodily injury,

when you look at a year where accident fatalities are higher than they've ever been there's certainly some pressure on the severity side as well for bodily injury


I will begin by making a few brief comments regarding the highlights of the second quarter. John will discuss the financial results and Chris will provide more color on our business development activities.

i'll begin by making a few brief comments regarding the highlights of the second quarter john will discuss the financial results and chris will provide more color on our business development activities


And we've had some more productive dialogue that I'm hopeful will lead us to, again, what I think would be the next most important

and we've had some more productive dialogue that i'm hopeful will lead us to again what i think would be the next most important


our new agency partners have the potential to deliver revenue that is an order of magnitude bigger than what we were doing with just our ESCO customers.

our new agency partners have the potential to deliver revenue that is an order of magnitude bigger than what we were doing with just our esco customers


Our backlog reflects strong bookings that we expect to ship in the next several quarters, which should lead to a corresponding increase in revenue.

our backlog reflects strong bookings that we expect to ship in the next several quarters which should lead to a corresponding increase of revenue


As John mentioned, a good way to measure our progress is by comparing revenue plus backlog in the current quarter to the same metric in prior quarters.

as john mentioned a good way to measure our progress is by comparing revenue plus backlog in the current quarter to the same metric in prior quarters


And we have seen, in a very short period of time, we look at like the quarter, for example, we saw a modest double-digit increase

and we have seen in a very short period of time we look at like the quarter for example we saw a modest double-digit increase


We would have to really change our pricing model to claw that back, and we don't want to change our philosophy and how we're operating the business.

we would have to really change our pricing model to claw that back and we don't want to change our philosophy of how we're operating the business


We have some issues in these big geographies that we talked about that we have to work our way out, Brazil and India being key ones.

we have some issues in these big geographies that we talked about that we have to work our way out brazil and india being key ones


the holistic solution, which means not just the learning platform but also the learning experience and the learning content.

the holistic solution which means not just the learning platform but also the learning experience and the learning content


While this will represent a small part of the assortment, we believe this will add more variety and excitement within our stores to further engage existing customers and drawing new ones.

while this will represent a small part of the assortment we believe this will add more variety and excitement within our stores to further engage existing customers and draw in new ones


It's a pretty complicated algorithm, but it basically prioritizes above all keeping the shipment together, because

it's a pretty complicated algorithm but it basically prioritizes above all keeping the shipment together because


using Whisper and I think this by themselves will be a huge demo and promoters for our new technology.

using whisper and i think this by itself will be a huge demo and promoter for our new technology


However, we believe that our success in moving our guest's purchase decision earlier in the year creates more opportunity for stable and consistent growth and overall results.

however we believe that our success in moving our guest purchases earlier in the year creates more opportunity for stable and consistent growth and overall results


I am excited about the company position, and against our strong market backdrop, we are well on track to meet or exceed our full year financial commitments

i am excited about the company position and against our strong market backdrop we are well on track to meet or exceed our full year financial commitments


you must be under earning in that segment. Can you give us some sense of how much you are under earning by, whether it's in terms of margins or dollars?

you must be under-earning in that segment can you give us some sense of how much you are under-earning by whether it's in terms of margins or dollars


much more money per product on innovation today than what we were historically, which we believe is helping to drive these integrated suites, and therefore drive

much more money per product on innovation today than what we were historically which we believe is helping to drive these integrated suites and therefore drive


we think we can find a better time that will make the deal more accretive rather than just market down in order to make it accretive. And that's our philosophy,

we think we can find a better time that will make the deal more accretive rather than just mark it down in order to make it accretive and that's our philosophy


typically occur in the fourth quarter, which happened this year and drove a 10 basis point reduction in our net yield compared to the third quarter rate.

typically occur in the fourth quarter which happened this year and drove a 10 basis point reduction in our net yield compared to the third quarter rate


to ensure that any risks identified and controls put in place in the program of work would have been effective in preventing these terrible accidents.